Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 19.16 million yuan, a 28.85% increase compared to the same period in 2024, primarily due to increased technology licensing and collaboration income [1][2] - The net profit attributable to shareholders improved to -119 million yuan, compared to -214 million yuan in the same period of 2024, indicating an enhancement in profitability [1][2] Revenue and Profitability - The company's revenue for the first half of 2025 was 19.16 million yuan, reflecting a 28.85% year-on-year growth, driven by increased technology licensing and collaboration income [2] - Operating costs decreased by 60.63% to 2.49 million yuan, contributing to the improved financial performance [2] - The net profit attributable to shareholders was -119 million yuan, an improvement from -214 million yuan in 2024, indicating a trend towards better profitability [2] Product Development and Pipeline - The company is actively expanding its authorized products, including: - **Befotertinib (赛美纳)**: Commercial collaboration with Betta Pharmaceuticals, with approvals for first/second-line treatment of NSCLC and inclusion in the National Medical Insurance Directory [4] - **Gosorestat (安方宁)**: Rights transferred to Zhengda Tianqing, with approval received in November 2024 and positive clinical results presented at the 2025 ASCO conference [4] - Ongoing research pipelines include: - **Taragarestrant (D-0502)**: Actively advancing in a Phase III clinical trial for ER-positive, HER2-negative breast cancer [5] - **D-0120**: Completed Phase IIb trial in China and initiated a Phase II trial in the US [5] - **D-2570**: Phase III trial protocol completed, with Phase II trial for ulcerative colitis having commenced [5] Financial Forecast - The company forecasts net profits attributable to shareholders of -246 million yuan, -253 million yuan, and -227 million yuan for 2025-2027, with corresponding EPS of -0.42 yuan, -0.44 yuan, and -0.39 yuan [5]